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Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, eg. 5,275.75.) D FIFO Cost of goods sold Ending inventory $ eTextbook and Media (b) 4 FIFO $ Weighted Average Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) Weighted average

Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, eg. 5,275.75.) D FIFO Cost of goods sold Ending inventory $ eTextbook and Media (b) 4 FIFO $ Weighted Average Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) Weighted average

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Shamrock Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Shamrock Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $81. During June and July, the company had the following purchases and sales for this airplane (all for cash): June 4 18 30 July 5 12 25 Units 5 Purchases 5 Unit Cost $106 111 Units 2 6 3 2 Sales Unit Price $206 231 251 251
Transcribed Image Text:Shamrock Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Shamrock Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $81. During June and July, the company had the following purchases and sales for this airplane (all for cash): June 4 18 30 July 5 12 25 Units 5 Purchases 5 Unit Cost $106 111 Units 2 6 3 2 Sales Unit Price $206 231 251 251
Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 4 FIFO Cost of goods sold Ending inventory (b) eTextbook and Media $ Gross profit $ $ 4 FIFO Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) S S $ Weighted Average Weighted average
Transcribed Image Text:Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 4 FIFO Cost of goods sold Ending inventory (b) eTextbook and Media $ Gross profit $ $ 4 FIFO Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) S S $ Weighted Average Weighted average
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